Mylan agreed Friday to a $465 million settlement with the U.S. Department of Justice and other agencies over the classification of its anti-allergy EpiPen Auto-Injector under the Medicaid Drug Rebate program.
Under the terms of the settlement, Mylan has not admitted to any wrong doing.
As a result of the settlement, Mylan will take a pretax charge of about $465 million in the quarter ended Sept. 30.
In the wake of the charge, Mylan said it has trimmed its 2016 earnings forecast to range of $4.70 to $4.90 a share, from a prior forecast of $4.85 to $5.15 a share.
The bulk of the change in guidance is tied to the EpiPen settlement as well as the cost of its upcoming launch of a generic version of the EpiPen auto-injector.
Mylan said much of the impact for the changed forecast will occur in the third quarter.
Mylan cuts forecast in wake of $465 million settlement over EpiPen classification
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